[Session 1] Where Does Asia Stand in the current Leverage Cycle?

This session looks into the Asian economy through the lens of leverage. Bank credit provisions or debt issuance diverging from economic fundamentals such as savings are prone to undermine financial soundness. The leverage cycle will have a multifaceted nature which depends on the source of the expanded credit(financial loosening by central banks or financial intermediaries) and its use(spending by household, corporate firms, or governments). Related shifts in the Asian financial landscape can entail increases in cross-border balance sheet integration and offshore dollar credit

Moderator       Joon-Ho Hahm

                       MPC Member, BOK

Speakers        Ding Ding

                       Senior Economist, Asia and Pacific Department, IMF

                       Leverage in Asia: Stylized Facts and New Risks

                     Giovanni Dell’Ariccia

                       Deputy Director, Research Department, IMF

                       Identifying Excessive Credit Growth and Leverage:

                       Historical Experience and Application to Asia 

Discussants    Patrick McGuire

                       Head of the International Data Hub, Monetary and Economic Department,

                       BIS

                       Piti Disyatat

                       Executive Director, Bank of Thailand

                       Jong Ku Kang

                       Head and Principle Economist, Economic Research Institute, BOK